Contingencies refer to the amounts owed by companies to settle lawsuits.

Name: Contingencies refer to the amounts owed by companies to settle lawsuits.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Contingencies refer to potential liabilities that may or may not arise in the future, including potential losses from lawsuits or other disputes. Therefore, the amounts owed by companies to settle lawsuits would fall under the category of accrued liabilities, not contingencies.

Contingencies Refer to the Amounts Owed by Companies to Settle